Turkey's Albayrak tells investors the country will emerge stronger

Turkish Finance Minister Berat Albayrak hosted a conference call with global investors on Thursday in a bid to reassure them that policymakers are able to tackle the worst currency crisis the country has suffered since 2001.

Some 3,000 investors and economists had registered for the call. Below are reactions from fund managers and analysts who listened to the call:

CRISTIANA DE ALESSI, BNP PARIBAS ASSET MANAGEMENT

"The finance minister provided some comfort by acknowledging that rebalancing the economy is a priority through both fiscal and monetary policy and that capital controls aren't an option."

"The MTP (medium term programme) released in September will be key to see what concrete steps will be taken to turn this into sustained action. It will also provide a benchmark to measure the new government's progress. My main concern is a lack of contingency plan if debt cannot be rolled over or if a slower growth rate exacerbates corporate NPLs. Turkey may require a stronger adjustment than is currently in their plans."

RICHARD SEGAL, MANULIFE

"My overall impression is that he showed enough commitment for sentiment and especially the FX markets to sustain recent gains, and perhaps build on them somewhat. He highlighted that the country has a strong track record of crisis management and that the key has been sound fiscal policy and it will be this time also."

"He would not be draw on monetary policy, and while he was forceful in stating the monetary policy alone could not restore single digit inflation again, he refrained from talking about interest rates. The president and his advisors only allow the central bank to raise them under duress, and time will tell whether more central bank independence will be permitted in the future."

"In sum, investors trust his commitment above all to 1) rebalancing – the key being a 'more modest' growth target, 2) single digit inflation and large and growing primary surpluses, but other sources of finances – eg, Qatar. The quest is now how to achieve all of this."

CLAUDIA CALICH, M&G

"Considering this was his first call with investors, it went okay in that he didn't demonise investors or use an antagonistic tone, versus Erdogan's for example, that there is an economic war against the country. That he didn't allude to, which is a small positive, but having said that there were still important details that were not addressed."

"He touched on some of the key issues such as the macro rebalancing, the fiscal stance, the monetary policy stance, the banks of course, and the corporate debt and asset quality. But in terms of exactly how this is going to play out, I think more details are needed."

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